AST WEEK, at the annual meeting of the American Economic Assn., we presented a new estimate for the likely cost of the war in Iraq. We suggested that the final bill will be much higher than previously reckoned — between $1 trillion and $2 trillion, depending primarily on how much longer our troops stay. Putting that into perspective, the highest-grossing movie of all time, “Titanic,” earned $1.8 billion worldwide — about half the cost the U.S. incurs in Iraq every week.
Like the iceberg that hit the Titanic, the full costs of the war are still largely hidden below the surface. Our calculations include not just the money for combat operations but also the costs the government will have to pay for years to come.

Money quote:

Spending up to $2 trillion should make us ask some questions.

This ain’t no tree falling in the forest folks. This is the shot heard ’round the world and of course in the 2006 and 2008 elections.